Spain’s CNMV warns against unauthorized Banco CFD

Spain’s CNMV warns against unauthorized Banco CFD

- in All News, Regulation, Warnings
CNMV BIGGER

Spain’s financial regulatory body, the Comision Nacional del Mercado de Valores (CNMV), said on Monday it has included Banco CFD to its list of unregistered, hence unauthorized, financial service providers.

The entity operates via www.bancocfd.com and “is not authorised to provide the investment services detailed in Article 140 of the Securities Markets Law, which includes investment advice, or provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of said Law, in relation to the financial instruments detailed in article 2 of the said Law, including, to those purposes, transactions on foreign currency,” the regulator noted.

Banco CFD’s website is no longer operational and no information about the company was immediately available.

In order to operate in Spain, companies need to obtain a license by the local relevant authorities or the authorities of any other EU member state. The CNMV maintains a register with investment companies that are authorized to provide financial services in the country.

When engaging with unauthorized and non-regulated brokers traders are putting their investments at higher risk. We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.

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